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---------Mark Getty, Co-Founder of Getty Images
I. Definition:
Intellectual Property means intangible intellectual creation of a human brain. It includes intellect creation of a human mind such as inventions, artistic work, scientific work, etc. Intellectual Property Right enable a person to earn recognition or financial benefit from what they invent or create. These benefits are not natural it requires recognition under the applicable law. To achieve this, the law provides a person or an entity to earn property rights to the information and intellectual goods they create, whether permanently or for a limited period of time.
II. Applicable Law:
Broadly, the following acts deal with the protection of intellectual property mentioned below:
1. Trade Marks Act, 1999
2. The Patents Act, 1970 (as amended in 2005)
3. The Designs Act, 2000
4. The Semiconductor Integrated Circuits Layout Design Act, 2000
5. The Information Technology Act, 2000
6. The Copyright Act, 1957;
7. The Geographical Indications of Goods (Registration & Protection) Act, 1999;
8. The Biological Diversity Act, 2002;
9. The Protection of Plant Varieties and Farmers' Rights Act, 2001.
III. Types of Intellectual Property Rights:
India has laws covering various areas of intellectual property as mentioned below:
Trade Marks
Patents and utility models
Copyrights and Related Rights
Industrial Designs and Models
Geographical Indications
Layout Designs of Integrated Circuits
Plant Varieties
Information Technology and Cybercrimes
Data Protection
There are also more specialized or derived varieties of sui generis exclusive rights, such as circuit design rights (called mask work rights in the US), supplementary protection certificates for pharmaceutical products (after the expiry of a patent protecting them), and database rights (in European law). The term "industrial property" is sometimes used to refer to a large subset of intellectual property rights including patents, trademarks, industrial designs, utility models, service marks, trade names, and geographical indications.
sui generis is a Latin phrase that means "of its/his/her/their own kind, in a class by itself", therefore "unique".
IV. The major Five categories of intellectual properties are:
1. Trademark: A trademark means a mark capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others and may include the shape of goods, their packaging and combination of colours.
2.Trade Secrets: A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors and customers. There is no formal government protection granted; each business must take measures to guard its own trade secrets (e.g., Formula of its soft drinks is a trade secret for Coca-Cola.)
3. Copyright: Copyright is a type of intellectual property that gives its owner the exclusive right to make copies of creative work, usually for a limited time. The creative work may be in a literary, artistic, educational, or musical form. Copyright is intended to protect the original expression of an idea in the form of creative work, but not the idea itself. Copyright is subject to limitations based on public interest considerations, such as the fair use doctrine in the United States.
4. Patent: A Patent is a statutory right for an invention granted for a limited period of time to the patentee by the Government, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process for producing that product for those purposes without his consent.
5. Designs: ‘Design’ means only the features of shape, configuration, pattern or ornament or composition of lines or colour or a combination thereof applied to any article whether two dimensional or three dimensional or in both forms, by any industrial process or means, whether manual, mechanical or chemical, separate or combined, which in the finished article appeal to and are judged solely by the eye, but does not include any mode or principle or construction or anything which is in substance a mere mechanical device, and does not include any trademark, as defined in clause (v) of sub-section of Section 2 of the Trade and Merchandise Marks Act, 1958, property mark or artistic works as defined under Section 2(c) of the Copyright Act, 1957.
V. Importance of Intellectual Property:
Intellectual property (IP) contributes tremendously to our economy. The number of industries relies on the adequate enforcement of their patents, trademarks, and copyrights.
Intellectual Property rights are important because they can:
• set business apart from competitors
• be sold or licensed, providing an important revenue stream
• offer customers something new and different
• form an essential part of your marketing or branding
• be used as security for loans
• protect it against infringement by others and ultimately defend in the courts sole right to use, make, sell or import it by the owner of the IP
• stop others using, making, selling or importing it without owner’s permission
• help owner in earning royalties by licensing it
• be exploit through strategic alliances
• make money by selling it
Every aspect of a business can be protected. Name, logo, designs, inventions, works of creative or intellectual effort or trademarks that distinguish a business from another can all be types of IP.
Article By: Ms Bhavya Sharma, a Practising Company Secretary from Delhi. In case you need any assistance for Intellectual Property registration, compliance, advisory services and related queries you can connect with us. You can contact us at legal@bhavyasharmaandassociates.com or for more details you can visit: www.bhavyasharmaandassociates.com
Disclaimer: Although due care and diligence have been taken in the preparation and uploading this Article, Bhavya Sharma & Associate shall not be responsible for any loss or damage, resulting from any action taken on the basis of the contents of this Article. Anyone wishing to act on the basis of the material contained herein should do so after cross-checking with the circulars, notifications, applicable acts, press release issued by the concerned department or seek appropriate counsel for their situation.
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